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<br />2. Based on the delegation of the Commission by the Bond Resolution, the City <br />Council hereby accepts the proposal of Cronin & Company, Inc. (the "Purchaser"), to purchase <br />the Series 2007 A Bonds in accordance with the Terms of Proposal, at the rates of interest <br />hereinafter set forth, and to pay therefore the sum of$2,859,848.20, plus interest accrued to <br />settlement. The Purchaser's proposal is hereby found, determined and declared to be the most <br />favorable proposal received and the Series 2007 A Bonds are hereby awarded to the Purchaser. <br />The Clerk is directed to retain the deposit of the Purchaser and to forthwith return to the <br />unsuccessful bidders their good faith checks or drafts. <br /> <br />3. The Series 2007 A Bonds shall bear interest at the respective rates per annum set <br />forth opposite the maturity years as follows: <br /> <br />Maturitv Year Interest Rate Maturitv Year Interest Rate <br />2010 4.00% 2017 4.00% <br />2011 4.00% 2018 4.00% <br />2012 4.00% 2019 4.00% <br />2013 4.00% 2020 4.00% <br />2014 4.00% 2021 4.00% <br />2015 4.00% 2022 4.00% <br />2016 4.00% <br /> <br />The motion for the adoption of the foregoing resolution was seconded by member Motin <br />and upon a vote being taken thereon, the following voted in favor thereof: <br /> <br />Farber, Motin, Zerwas <br /> <br />and the following abstained: <br /> <br />Gumphrey <br /> <br />and the following voted against the same: <br /> <br />None <br /> <br />Whereupon the resolution was declared duly passed and adopted. <br />